IMACEC

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The Monthly Economic Activity Index (Imacec) is an estimate that summarizes the activity of the different branches of the economy in a given month, at prices from the previous year; its inter-annual variation constitutes an approximation of GDP evolution. The calculation of the Monthly Economic Activity Index is based on multiple supply indicators, which are weighted by the share of economic activities in the previous year’s GDP.

The Monthly Economic Activity Index is published on the first business day of each month taking into account a lag of 31 days in relation to the month being measured. In addition to this, a breakdown is published which distinguishes mining from all other activities —mining and non-mining series—, as well as the series at factor cost. All series are presented in both original and seasonally adjusted figures.

Consistent with the established publication policy, the Monthly Economic Activity Index series are revised along with the quarterly and annual national accounts.

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May 2025’s monthly index of economic activity, Imacec

According to preliminary information, in May 2025 the Imacec rose 3.2% compared to the same month a year before (Table 1). The seasonally adjusted series dropped 0.2% with respect to the previous month and rose 4.1% in twelve months. The month came with one working day less than May 2024.

The Imacec result was explained by growth in all its components, where the performance of services and mining stood out (Figure 1). Meanwhile, the fall of the Imacec in deseasonalized terms was mainly affected by services (Figure 2).

The non-mining Imacec posted annual growth of 2.4%, while in seasonally adjusted terms it fell 0.2% from the previous month and grew 3.3% in twelve months.

Imacec analysis by activity

1. Goods production

The production of goods increased 4.6% in annual terms, explained by growth in all activities. The performance of mining stood out, due to a greater extraction of copper and, to a lesser extent, of other goods. The manufacturing industry also grew, driven by food processing.

In seasonally adjusted terms, the production of goods decreased by 0.1% with respect to the previous month, a result that was explained by lower manufacturing and mining activity.

2. Trade

Commercial activity grew 4.5% in annual terms. All its components had positive results, with retail trade standing out, followed by wholesale trade. The former was driven by higher sales in grocery stores, supermarkets and through online sales platforms. On the wholesale side, sales of machinery and equipment and food rose while automotive trade recorded growth in the sales of motor vehicles.

Seasonally adjusted figures showed a 0.2% contraction with respect to the previous month, affected by the results of retail and wholesale trade.

3. Services

Services increased 2.4% in annual terms, explained by the performance of personal services, particularly health care, followed by entrepreneurial services.

Seasonally adjusted figures showed a 0.2% decrease with respect to the previous month, determined by entrepreneurial services.